M Restaurants raises £1.3m in 24 hours
M Restaurants has raised £1.3m in the first 24 hours of a crowdfunding campaign.
The group, which is seeking funds for the expansion of its regional M Social brand, is looking to secure £1.5m investment through a Seedrs campaign.
It has been driven towards its target thanks to a six figure investment by former England rugby union player Simon Shaw, joining other former sporting stars as shareholders.
M Restaurants founder Martin Williams said that he was looking for £1.1m to expand M Social into outer London locations, with the rest of the cash to be used to add a private members' lounge, M Den, to its Threadneedle Street restaurant, and supporting the rest of the business. The group also runs M Restaurant in Victoria.
The campaign, which will close in December, offers investors the possibility of doubling their money on an investment that it expected to mature in 2019.
Williams said: "We have been overwhelmed by the response, with former Manchester United striker Andy Cole; Racing UK CEO Richard Fitzgerald and polo player/Merchant Hub president Thomas Kato just some of the others who have signed up.
"Our success has been built on making fine wines and world class steaks accessible; I wanted to reflect that in our fundraising and to invite our fantastic regular guests the opportunity to be a share-holder in their favourite restaurant."
M Restaurants halts Soho restaurant plans in favour of M Social brand >>
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